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Upset Price

From lawbrain.com

The dollar amount below which property, either real or personal, that is scheduled for sale at an auction is not to be sold.

An upset price is intended as a minimum price. In a decree for a judicial sale, it constitutes a direction to the officer conducting the sale not to accept any bid that falls below the fixed price. In a final decree in a foreclosure sale, an upset price should be sufficient to cover costs and allowances made by the court, the certificates and interest of the receiver, and any liens in existence.